Starting at age 22 with a MBA in Finance seems like a big head start. But now what? I've only had one goal in life: graduate from college, and now I've done it. I needed a new goal. This blog started with a goal: make $1 million by 30. But after a year, I realize I need to do more with my life and more with my knowledge of finance.

Tuesday, September 15, 2009

The most important thing I didn't do properly was to remember that I get paid twice a month. I was budgeting my income on a monthly basis, which works out great when you don't have a mortgage, but badly, when mortgage goes right out your bank account the second it goes in there from your company.

This month is the first month I paid my mortgage (the first real month is paid for in closing costs), and so I'm realizing that too much of my cash is going out the door in the first week of the month, and almost nothing in the last week of the month. This will cause a 2-3 week period where credit cards can not be fully paid off, since I don't actually have the cash to do so.

What I should have done was to call my credit card companies and change all my due dates to the second half of the month. That way, cash outflows are not so front-loaded in a month.

Most credit card companies will allow you to make a due date change every 6 to 12 months, but you'll only need it once.

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About Me

I am 24, and graduated with a MBA in Finance from a top 30 business school in March 2007. I work for a large insurance company in a 3-year finance management rotation program.. Even though I work in finance, applying my knowledge to my own finances will be a journey. Along the way, I hope I can help others along who are facing similar situations.
Contact me at: financeguy [at] moneyandsenseblog (dot) com

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Disclaimer

I am not responsible for any financial and/or personal situations that arise from information in any of my blog posts. Financial advice is given to the best of my knowledge, which may or may not be accurate. Stock picks and stock market analysis should be considered 100% bias, as I will obviously talk about good/bad picks that I personally may or may not be considering/holding.